Around $300 Million worth of Bitcoin was transferred for a fee of just 4 cents. A Total of 48,500 BTC was sent which was included in the Block 529515. You can view the transaction Here.
One of the major advantages of Bitcoin is that it does not matter what amount is being transferred the fees remains the same, while this might be a problem for micro payments it is really beneficial to larger payments.
48,500.188 BTC was sent and 48,500.18799325 BTC was received at the other end which means that the transaction fees was only 0.00000675 BTC which equals to around 4 cents.
Although the fees are less for a transaction of this magnitude one has to wait for more confirmations. One should also keep in mind the volatility of Bitcoin which is one of the major reasons preventing it from mass adoption of merchants.
The median fees of Bitcoin Transaction has been pretty low in the past few months as not many transactions have been going through. The average fees was about a dollar yesterday and reached almost $7 on 20th June. The maximum transaction fees Bitcoin ever saw was around $55 in December when the transactions going through were insane.
Image Source: Bitinfocharts
But it is still far better than doing a wire transfer which for a magnitude of this would take thousands even hundreds of thousands of dollars and a delay maybe even of a month sometimes. The people who have done such overseas transfers will get to know pain and loss of money that they go through.
Bitcoin is currently $6105 and has not fluctuated much in the past day, at this price the total amount transferred would amount up to $297 Million.
There are solutions like the lightning network being built to solve the scalability issue of Bitcoin which has to be solved in order to attain mass adoption. If Bitcoin becomes scalable and the fees issue is resolved then what will happen to all the forks and Alts which claim they are better because of low fees would be interesting to watch.
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